According to a report, P K Ranade, Joint MD, Indo Asian Fusegear has said “We are looking at renewable energy. We would like to get into power generation. We are looking at solar, thermal and also looking at hydro. We will be taking baby steps in this field in this year itself. In the coming year we will then like to duplicate our experience and then become one of the players in this field because we believe India is going to always to need more energy as far as generation of power is concerned.”
It seems like Solar seems to the flavor of investment in renewables and everyone from Bollywood stars to private equity funds (here and here) are investing in solar developers and projects in India. There are announcements of German companies and other foreign companies announcing joint ventures for EPC /module sales-supply/ project development almost on a weekly basis as they seem to have now understood the need for a capable Indian partner.
India is no doubt going through a very interesting stage in solar where the first phase of the national solar mission is being implemented with a target of about 1000MW of grid connected projects. The mission aims to take the feedback from this stage and incorporate the learning from this into the second and third stage of the mission where they expect the growth in projects to take off.
What is also surprising is the fact that Indo Asian Fusegear has not talked about any plans in the Wind energy where it is relatively easy to become an independent power producer given that most of the major manufacturers in India have advanced capabilities to also act as turnkey solution providers.